All Forum Posts by: Miguel Hernandez

Great initiative @John Hickey. I'm looking forward to making new connections and hearing the latest on Newburgh investing. Thank you, Dwane and the other guys for putting this together in BK. Will see you there. 

Regards,

Miguel

@J.R. Coffin for a city with median income of 36k that's a real concern. I know there's a Habitat rehabbing and building affordable housing for local residents though. There should be more of that. 

@Mattaniah Yip I have asked this question to multiple people and I keep getting 100-200k for a historic house (depending on the state of the property). Some of the experienced investors here would be able to give you a more accurate estimate. I personally have decided not to go that route. At least not for my first property. 

This thread has been enormously helpful in learning to navigate Newburgh's investment real estate landscape. Thanks everyone for your write ups and @John Hickey for sharing some of your time to talk in person. I hope 156 is coming along and you're able to put that on the market really soon. It's a really nice property. 

For a couple of months now I've been doing my due diligence on Newburgh. I have visited multiple times, have spoken to investors, brokers, lenders, contractors, city planning, looked at properties, ran the numbers etc. The more I look into this market the more interested I get. The challenging part for me has be finding a property that fits my criteria. I'm getting really creative and hoping it pays off. 

I heard a local investor say that there are a lot of new investors overpaying for properties and driving prices up. I wonder what others on this thread think about that assessment? I see properties that were worth 80k 8yrs ago, the owner barely fixed it up and now is asking for 180+. I'm no expert but that kind of "appreciation" seems loony to me. Maybe this local investor is right and we (new investors like me) account for the demand that is creating increased prices, I wonder: once mortgage rates go up and/or we hit another recession will prices go back to "normal".  what is the normal for Newburgh anyway? 

I do run my numbers and things need to pencil out and show potential for positive cash flow before I make an offer. But I'm afraid that owner's asking + my more realistic lower offers will = no deal more times than I'd be happy with. Going to try it anyway. I'd be happy with a 1/15 accept offer rate. 

Tips, thoughts? thank you